ICA Signs Agreement to Set Up Colored Gemstone and Jewelry Center in China

Letter of Intention signed by (From left) Derik Wang, general manager of China Mineral & Gem Exhibition Co., Ltd., Wilson Yuen, ICA president, and Li Keming, director of the Administrative Committee of Changsha National Economic & Technical Development Zone. Photo credit: ICA

The International Colored Gemstone Association signed an agreement with the government of the Chinese province of Hunan to establish a national manufacturing and training center for colored gemstones and jewelry in the province's capital, Changsha. The agreement will also provide for the promotion of colored gemstones, jewelry and minerals throughout China and allow the annual ICA Congress to be held in Hunan in 2013.

The “Letter of Intention” was signed Friday in Changsha by officials representing ICA, Gemfields plc., a mining company that specializes in emeralds, and the Changsha National Economic and technical Development Zone.

“This is an extremely significant breakthrough for the ICA and the colored gemstone and jewelry industry,” said Wilson Yuen, ICA president who was part of the signing ceremony. “The Chinese authorities are very keen to see the establishment of a colored gemstone and jewelry center in the country, and the government of Hunan province has agreed to put in place ambitious plans that will see this happen in the near future.”

The signing follows ICA’s recent move of its international headquarters to Hong Kong from New York, to take better advantage of the growing Asian jewelry and gemstone marketplace.

“Chinese jewelry buyers are showing a strong preference for items set with colored gemstones, recognizing the versatility they provide from a fashion viewpoint, and this joint venture will create a large manufacturing base,” Yuen said. “Taken together with the ICA setting up its international headquarters in Hong Kong earlier this month, these are exciting times for members of the ICA. They will benefit from a very strong base in the region and the supply of real-time information from our locally based staff. And now the gemstone center in Changsha will give them a direct connection with local manufacturers looking for a supply of a wide range of gemstones.”

ICA Moves Headquarters to Hong Kong

Members of the board of directors of the ICA and staff of the new Hong Kong office. Photo credit: ICA

In another example of Asia’s newfound dominance in the jewelry industry, the International Colored Gemstone Association has moved its international headquarters to Hong Kong from New York. The new offices are located in Hong Kong's gems and jewelry manufacturing district and are run by a team of English and Chinese speaking staff, led by Daniel Leung, executive assistant to the president.

The ICA, which will maintain a presence at a new location in New York, says the decision to move its head office is aimed at bringing the organization into closer touch with the rapidly expanding Asian markets, and to actively participate in the further development of the colored gemstones and jewelry industry in the region. In addition, ICA is seeing an expansion in its membership in Asia, and the Hong Kong offices will enable it to better serve them, says ICA President Wilson Yuen.

"This was not a decision that we made easily, and it followed a great deal of debate," Yuen says. "Our international offices have been based in New York for many years. But we felt that we could not ignore the trends that are sweeping our industry and the global economy in general.

"Asia in general, and China in particular, is claiming a larger role in international business, and it is imperative that we are based in the heart of the region to enable us to provide a comprehensive service to our membership and to the industry,” he adds. “This is what it is expected of the ICA.”

The transition being overseen by former ICA executive director, Barbara Wheat.

The new Hong Kong offices were opened July 9 at a special in-house inauguration ceremony attended by ICA board of directors. 

ICA is a non-profit worldwide organization that represents the global colored gemstone industry. Founded in 1984, it’s now comprised of almost 700 gemstone dealers, cutters and miners from 47 countries.